Warren Buffett：Berkshire 2015 Letter, Excerpt 3

The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary erratically over short periods. Last year, for example, book-value performance was superior. Over time, however, market-value gains should continue their historical tendency to exceed gains in book value.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
Locator：2015 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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